West Bengal Government Discontinues Industrial Incentive Program
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Synopsis
West Bengal has discontinued its incentive scheme for new industries, as announced by Chief Minister Mamata Banerjee. The decision follows significant infrastructure improvements in the state, making the previous program unnecessary.
Key Takeaways
- Incentive program for new industries discontinued.
- Chief Minister Mamata Banerjee announced the decision.
- Infrastructure in the state has improved significantly.
- New investments are now flowing into West Bengal.
- Focus will shift to new development schemes.
Kolkata, March 19 (NationPress) The West Bengal government has officially discontinued the incentive program aimed at promoting the establishment of new industries within the state, as announced by Chief Minister Mamata Banerjee during the Assembly session on Wednesday, which marked the penultimate day of the second phase of the Budget session.
Explaining the rationale behind this decision, the Chief Minister stated that due to significant infrastructure advancements in the state, the need for a separate incentive program has diminished.
This initiative was initially launched to stimulate the creation of new industrial or business ventures in various districts, particularly in the underdeveloped regions of the state. Financial support was extended to new entrepreneurs under this scheme, which was established during the previous Left Front administration.
However, this program was abolished on Wednesday, with a corresponding bill presented before the Assembly.
According to the state government's prior assessment, when the scheme was first implemented, there was insufficient infrastructure for launching new industries in the districts. Nonetheless, the government clarified that over the past few years, the significant infrastructure challenges, particularly concerning electricity and water supply, have been resolved, making the continuation of the incentive program unnecessary.
The Chief Minister conveyed to the Assembly that the incentive was previously essential because priorities were not established, and proper actions were not taken during the earlier Left Front governance.
"Currently, new investments are beginning to flow into the state. We have initiated several new development projects that require funding. Therefore, we need to evaluate which programs to maintain and which to discontinue. This is why the incentive program has been terminated," Banerjee stated.
